Greystone has provided a combined $105,780,000 in Freddie Mac refinancing for two multifamily communities in El Cajon, California. The financing, totaling 476 apartment units across Colonnade at Fletcher Hills and Forest Park at Fletcher Hills, was originated by Clint Darby and Andrew Remenschneider of Greystone on behalf of Bridge Investment Group. Spencer Dunlop, Managing Director, Bridge Debt Capital Markets, led the debt financing effort for the borrower, with BMO serving as correspondent.
The Freddie Mac refinance loans include a $32.3 million loan for Colonnade at Fletcher Hills, a 138-unit multifamily community, and a $73.5 million loan for Forest Park at Fletcher Hills, a 338-unit multifamily community.
Located in the Fletcher Hills neighborhood of El Cajon, both garden-style apartment communities have benefited from significant capital improvements in recent years and offer residents a range of amenities with convenient access to major employment centers, retail destinations, and transportation corridors throughout the San Diego metropolitan area.
"Freddie Mac continues to provide an attractive execution for well-located multifamily assets with experienced sponsorship," said Mr. Darby. "We were pleased to help Bridge Investment Group secure long-term financing solutions for these two communities, positioning the properties for continued success while supporting the borrower's long-term investment strategy."